Jacquier, Éric; Titman, Sheridan; Yalçin, Atakan - Centre Interuniversitaire de Recherche en Analyse des … - 2009
for a given unlevered equity beta. However, as growth options are more volatile and have higher risk than assets in place … prices can be associated with a proportionately higher loss in growth options than in assets in place. Most of the existing … firms that presumably have few growth options. We link variations in betas to measurable firm characteristics that proxy for …